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Steel News October 13, 2021 10:00:29 PM

UK Steel Group Demands Urgent Action to Save Steel Sector from Crisis

Paul Ploumis
ScrapMonster Author
The lobby group warned that it may be forced to shut down the steel plants in the absence of substantial government aid.

UK Steel Group Demands Urgent Action to Save Steel Sector from Crisis

SEATTLE (Scrap Monster): UK Steel- the group representing steel sector’s interests and concerns to government called for government’s help in helping the sector overcome the crisis situation created by spike in energy costs. While welcoming the efforts of the government to help out the sector, it demanded clear details about the plans to the rescue of the sector. The lobby group warned that it may be forced to shut down the steel plants in the absence of substantial government aid.

There have been differences between the Treasury and Kwasi Kwarteng, Secretary of State for Business, Energy and Industrial Strategy on offering financial support to power-hungry industries such as steel. The Treasury opposes the idea of bailout to such industries, whereas Kwarteng is believed to have proposed the idea of providing short-term loans or guarantees in support of the ailing sector.

ALSO READ: Liberty Steel Crisis Breeds Massive Job Cuts in the UK

Meantime, industry representatives stated that the loan plan alone will not be of any help to the sector. It urged the government to announce better proposals that would place the UK steelmakers on a level playing field on energy costs, compared to other European counterparts. The government needs to immediately address the long-term issue of higher energy costs for British steelmakers.

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Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

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Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

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